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retail discount store, too much for first time business owner?

one of my other interests is in the discount store business. My concern is my lack of retail experience, such as inventory control,employee management etc are all new areas to me. Is it too hard a start? Should I stick to simpler business, such as deli, smoothie and yogurt etc.?Thanks.

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Answers (6)
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Jul 5, 2017
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The BAF Group LLC
MD

The questions you ask are far more complex than they appear. Some distributors are bound to give you inventory that they can't unload elsewhere, so you need to know what you want to buy, what will sell in your area and at what price points. Relying on them could be a mistake - not always, but it is a concern!

Import/export shops have a high failure rate, and those that fail are usually of people that don't know these kinds of things. You are VERY correct in trying to look at ways to educate yourself, before you jump in. But foreign exchange can defeat you, even when you do know the business. That's what happened to a lady in Maryland with whom we worked on site selections: She worked her way up to larger items like furniture from China, and when the value of the Dollar dropped, it drove her out of business.

Take your time and study this, long and hard.

Aug 19, 2009
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San Diego County, CA

Thanks for the answers. I am not sure who is offering discount store franchise in my area. I do like the support franchise system offers. My alternative plan is to buy an existing store, order from local distributor since they know the market better and after gaining some experience, look for supplier directly from China. i am a Chinese, so i thought at least i can use this advantage. doable?

Aug 19, 2009
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Franchise Advisory Group
PA

Regina,
The other businesses you mentioned may not be a simpler model and you will still need to deal with the same issues such as inventory control, employee, etc. I do agree with Don that a Franchise might be a good fit for you, because of the support they provide.

Aug 19, 2009
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The BAF Group LLC
MD

Regina, perhaps a franchise is your best bet. A GOOD franchise will have training and system that help the beginner. This is one of the reasons people buy franchises - for that kind of support.

Aug 19, 2009

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